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Wednesday December 8th, 2021
Markets

Sri Lanka stock index hits fresh peak on speculations, earning hopes

ECONOMYNEXT– Sri Lanka stocks closed at a fresh all time high on Thursday as speculative buying in Commercial Leasing and Finance and earning hopes in export related shares boosted the sentiment, brokers said.

The Colombo benchmark All Share Price Index gained 1.78 percent or 172.36 points to close at new all-time high at9,881.50. The index touched intrastate peak of 9,917.87 during the mid day trade.

The S& P SL20 index of more liquid stocks gained 0.54 percent of 19.25 points to close at 3,572.70.

Majority of the contribution for the index gain came from Commercial Leasing and Finance, dealers said.

Brokers on Monday said the investors are maintaining a wait-and-see approach due to the shorter-trading week and ahead of the quarterly earnings reports.

Brokers are also expecting the companies to report high earnings which they predict will drive the market up for the next two months if the rates are not increased.

Foreign investors bought a net of 41 million rupees’ worth of shares on Thursday. The market has suffered a net the foreign outflow of over 44.6 billion rupees so far this year.

The day’s turnover was 4.2 billion rupees, above this year’s average daily turnover of over 4 billion rupees.

The gain was led by Commercial Leasing and Finance, LOLC Holdings and Expolanka Holdings.

Commercial Leasing and Finance gained 18.72 percent to close at 44.40 rupees a share.
LOLC Holdings gained 5.98 percent to close at 642.75 rupees a share.

Expolanka Holdings, the market heavyweight which has a significant export component in its business, gained 2.15 percent to close at 201.50 rupees a share.

The bourse saw 82 stocks gaining against 103 falling on Thursday.

The most active Diversified Financial Industry index gained 7.5 percent and Capital Goods Industry index gained 0.5 percent. (Colombo/Oct21/2021)

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